Glj Research Reiterates Buy Rating for Cameco (NYSE:CCJ)

Cameco (NYSE:CCJ) (TSE:CCO)‘s stock had its “buy” rating reaffirmed by equities research analysts at Glj Research in a report issued on Wednesday,Benzinga reports. They presently have a $171.20 price objective on the basic materials company’s stock, up from their previous price objective of $100.00. Glj Research’s price target indicates a potential upside of 43.69% from the company’s previous close.

Other research analysts have also issued reports about the stock. Zacks Research upgraded shares of Cameco from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 14th. Royal Bank Of Canada boosted their price target on Cameco from $150.00 to $160.00 and gave the stock an “outperform” rating in a research report on Tuesday. Scotiabank reaffirmed an “outperform” rating on shares of Cameco in a research report on Wednesday, October 29th. National Bank Financial reiterated an “outperform” rating on shares of Cameco in a research note on Thursday, November 6th. Finally, Wall Street Zen cut Cameco from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $143.03.

Cameco Stock Up 2.3%

NYSE:CCJ opened at $119.14 on Wednesday. Cameco has a twelve month low of $35.00 and a twelve month high of $135.24. The firm has a market capitalization of $51.89 billion, a price-to-earnings ratio of 122.83 and a beta of 0.99. The company has a quick ratio of 1.85, a current ratio of 2.47 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average price is $108.19 and its two-hundred day moving average price is $92.95.

Cameco (NYSE:CCJ) (TSE:CCO) last released its earnings results on Friday, February 13th. The basic materials company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.07. Cameco had a net margin of 17.00% and a return on equity of 9.35%. The business had revenue of $874.57 million during the quarter, compared to analysts’ expectations of $782.13 million. During the same period last year, the business earned $0.36 earnings per share. The firm’s revenue was up 1.5% on a year-over-year basis. Equities research analysts expect that Cameco will post 1.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cameco

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Cameco in the fourth quarter valued at about $443,265,000. TD Asset Management Inc boosted its holdings in Cameco by 116.7% in the 3rd quarter. TD Asset Management Inc now owns 4,622,932 shares of the basic materials company’s stock valued at $388,068,000 after purchasing an additional 2,489,207 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of Cameco by 41.4% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,076,815 shares of the basic materials company’s stock worth $524,988,000 after purchasing an additional 2,071,373 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Cameco by 7,481.3% during the fourth quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company’s stock worth $160,343,000 after purchasing an additional 1,729,454 shares during the period. Finally, Van ECK Associates Corp increased its holdings in shares of Cameco by 43.3% during the third quarter. Van ECK Associates Corp now owns 5,443,807 shares of the basic materials company’s stock worth $456,530,000 after purchasing an additional 1,644,061 shares during the period. Institutional investors and hedge funds own 70.21% of the company’s stock.

About Cameco

Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.